Fix Energy Tariff now or wait?

kev2009

Hi all,

I'm now eligible to change energy tariff/supplier.  I'm currently with So Energy but the tariff's they are quoting are higher than elsewhere.  So far OVO are working out best for me, with GB coming in slightly behind them.

Is it worth switching now and fixing or waiting till the nearer the new price cap in July and see if any are better then? I'm tempted to switch now as most are higher than what I've found with Ovo/BG to date and giving the higher standing charge, I'm wondering if I'd really save much if companies make the standing charges higher?

I currently have a smart Elec meter but a standard gas meter so not sure if I'd qualify for some tariffs as I have a existing smart meter but not both. Would Ovo bother changing my gas one or would the fact I already have a Elec one be sufficient?

Thanks

Kev

spot1034

It really is a difficult decision now. It looks as if the price cap will have reached a floor in July and will then rise again in October. In recent weeks wholesale rates for the forthcoming winter have risen, which is why Cornwall Insight have warned that the price cap could rise by more than previously forecast in October, and certainly the first couple of weeks of the assessment period would indicate that this is the way things are headed. 

However, prices can come down just as easily, and it is quite possible that a month from now they will be lower and the forecast increase will have been reduced a bit. You have to make a guess. Right now I'd say any fix that matches the July price cap but extends that price for longer would look quite attractive, but as I said, in a few weeks it could all have changed again.

kev2009

Thanks, currently looking at British gas and OVO, judging by my usage based on recently estimated annual usage, the difference is £15 over the year so might go with British Gas as Ovo may want me to switch my gas to a smart meter which will mean arranging a time to be available etc whereas I don't with BG requires it so might go with them.

Kev

bristolleedsfan

kev2009 said:

Thanks, currently looking at British gas and OVO, judging by my usage based on recently estimated annual usage, the difference is £15 over the year so might go with British Gas as Ovo may want me to switch my gas to a smart meter which will mean arranging a time to be available etc whereas I don't with BG requires it so might go with them.

Kev

If you decide to go with British Gas worth searching around online for refer a friend link, currently £35/£75 Amazon Single/Dual fuel switch

kev2009

Thanks, yeah funny you should say, just looking for one so can get the £75 amazon voucher & also so can other person. Not found one yet, ones i did find a bit old so no guarantee they still work.

Kev

kev2009

A friend of mine is with British gas   He only has single fuel with them so not sure if I’d get the £75 or £35 so will see. Just waiting the link/code from him.

RelievedSheff

We have fixed with Outfox the Market on their May V2 tariff. It is 9% under the current price cap so will be 2% under the July price cap.

The tariff has no exit fees so we can switch if we find a better deal before the fix runs out next May, although with the price forecasts at the moment that seems unlikely.

silvercar

I am with OVO and have a smart meter for electric but not gas. Ovo have sent many emails encouraging me to switch to smart meter for gas, but whenever I try to book they are not interested in doing the work. Apparently they only get credit for switching electric meters, so unless they are doing both together they are not interested in actually doing the work.

kev2009

Thanks, friend doesn't seem to be able to get the referral link and I'm now seeing some of the tariffs changing price so currently re-looking.  It seems now difference between BG and OVO is £3 for the year. Outfox have a new tariff showing so going to look at that but also octopus have a tariff showing too but there's is a big confusing as it seems to list economy elec, elec, gas and I don't have no economy 7 etc just normal Elec & gas so slightly confusing there tariff.

Kev

kev2009

Doesn't look like Friend can find his referral link but I've since seen a tariff with Outfox the market so considering them at the moment.  Only query I have is during the quote it asks if I have standard or smart meters.  I have 1 smart and 1 standard so I've chosen smart for the quote but will it be ok to let it go through this way or should I select standard as ideally I want my Elec meter to remain smart and the gas one I can submit readings for until I get round to making that a smart meter also.

Hoping there statements are easy to follow as I found EDF ones a nightmare, never had a issue with other suppliers like BG, E-on, So energy.

Thanks

Kev

kev2009

Just signed up with Outfox the market, surprised they can move me in 3 days, was expecting it to be a week or so.

Kev